The WeSure Global Tech technology and insurance company has received two additional licenses to operate in the United States, in Illinois and in Pennsylvania. The company last month received a license to operate as a distribution and underwriting entity in New Jersey.
The company says that in each of the states, the license is to operate as an MGA/insurance producer of insurance products. The activity in the USA is coordinated under WeSure Holdings Ltd USA, which coordinates all of the company’s activity in the USA and which is effectively held 100% by the company.
The company says that the new licenses in the USA are an additional layer in the process of implementation of the group’s business strategy of marketing digital insurance and financial products in the American market, as a multi sector and multi channel player. WeSure says that it is continuing to act to receive similar licenses in additional states in the USA.
With the company’s planned expansion into the US elementary insurance market, WeSure says that the group could join additional digital insurance companies operating in the USA (some of them having been founded by Israeli entrepreneurs), including Lemonade, Next Insurance, HIPPO, Root, Metromite and others. Unlike the other companies, WeSure presents, after its first two years of activity, a profit in the insurance operating segment Israel, something of a first in the world insurance scene.
On completion of the acquisition of Ayalon, this will be a technology and insurance group with activity, in GWP terms, of around one billion shekels.
WeSure last week signed on a significant agreement for the acquisition of control (50.4%) of the Ayalon insurance group, for 354 million shekels. The deal is still subject to receipt of the required approvals, as usual.
Company Chairman Yochanan Danino: “We today reported the receipt of operating licenses in two additional states in the US market, following the receipt last month of an operating license in New Jersey, which is the company’s resident state. We are continuing to act energetically, in accordance with the work plan, in preparing the infrastructures for commencing operations in the USA, alongside the necessary actions for obtaining licenses in additional states in the US market.
“At the same time, we signed this week on the agreement for acquisition of control of Ayalon, with a view to accelerating the digital transformation which will result in a group with annual premium revenues in excess of 3 billion shekels in a variety of areas of activity, which will represent a stronger base for entry into the American market, in a manner enabling us to offer a wide range of insurance products to the American consumer, both via organic growth and via mergers and acquisitions”.
